Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
Latest News
Rate Hike Expectations Grow, But How Long Will Higher Rates Last? + MORE Apr 10th
As fixed mortgage rates continued to rise last week, variable-rate holders are expected to see their own increase next week..... More »
Sub-6% U.S. mortgage rates vanish as Iran war sparks inflation fears Mar 7th
U.S. homebuyers had to act fast last week to nab the first sub-6% mortgage rates in more than three years. Now they’re up, and the new conflict in the Middle East threatens to nudge them higher..... More »
Latest in Mortgage News – Industry Announcements Nov 26th
There’s been a number of big mortgage industry announcements in recent weeks, ranging from reverse mortgage offerings to a new broker tech partnership and a key appointment at one of the country’s top brokerages. Here’s a look at each… Equitable Raises Allowable Equity Takeou.... More »
Making sense of the markets this week: July 14, 2024 Jul 14th
Kyle Prevost, creator of 4 Steps to a Worry-Free Retirement, Canada’s DIY retirement planning course, shares financial headlines and offers context for Canadian investors.
Are U.S. rate cuts on the way?
While Canada’s inflation rate is obviously at the forefront around decision making.... More »
A Pre-Approval Does Not Guarantee a Mortgage Approval + MORE Apr 28th
Many Canadians are under the assumption their mortgage is as good as done once they have a mortgage pre-approval. But the truth is a buyer cannot expect a mortgage pre-approval will automatically translate into a mortgage. The lender now needs to consider the property itself, approve all the terms a.... More »
Mortgage Regulations Cool March Home Prices
– canadianmortgagetrends.com
Housing legislation in Ontario and British Columbia, introduced in 2017 to cool their overheated urban markets, has continued to do just that, while dragging down average home prices year-over-year across the country. “Government policy changes have made homebuyers and sellers increasingly uncertain about the outlook for home prices,” said Canadian Real Estate Board (CREA) President […]
BoC Holds Rates, But Future Hikes on the Table
– canadianmortgagetrends.com
The Bank of Canada left interest rates where they were today, citing weaker-than-expected data in the first quarter. In its Monetary Policy Report, which was also released today, the bank noted that the Governing Council considered recent economic data “very carefully” and concluded the softness was due mainly to two temporary factors: the new mortgage […]
Got a mortgage? Good news: Bank of Canada didn’t raise rates yesterday!
– canadamortgagenews.ca
Yesterday, Bank of Canada (BoC) Governor, Stephen Poloz, left rates unchanged. This kept the bank prime rate at 3.45%.
This also, indirectly, affects fixed mortgage rates. Great news for anyone with a mortgage. Go ahead, it’s okay to feel good about paying a low interest rate on what’s probably the biggest debt of your life!
ARE ECONOMISTS RIGHT?
For months we’ve heard economists forecasting 2-4 BoC rate hikes for 2018. So far, we’ve had one increase – in January. Should we be expecting three more increases? Only time will tell, since the BoC raises its rate when inflation rises above the target inflation rate… currently the range is between 1% and 3%, and sits at an acceptable 2.10%. Some believe inflation has increased temporarily, in part, due to increased minimum wage.
And, while it’s not really talked about in the mainstream media, one of the biggest factors contributing to inflation is the huge minimum wage increases this year in Ontario and BC…
BREAKING: Ontario Car Insurance Rates Increase
– ratesupermarket.ca
Here at RateSupermaket.ca, we keep you in the loop of different ways to save, whether it be on your mortgage, through investments, or on your car insurance. The Financial Services Commission of Ontario (FSCO) has reported that Ontario car insurance rates have increased by 2.23 per cent on average.
Car insurance rates fluctuate based on a number of different factors. However, before an insurance company can change rates, it must first be approved by the Financial Services Commission of Ontario (a regulatory agency of the Ministry of Finance).
FSCO publishes approved rate changes quarterly, and the latest results are in:
In the first quarter of 2018, approved rates from auto insurance companies increased by 2.23 per cent on average – not a huge increase, but notable.
The range of approved rates seemed to be significant, with some companies lowering their rates by about one per cent, and another inflating its rates by 9.96 per cent on average.
“Consumers are urged to shop around for auto insurance,” FSCO said in its quarterly statement…
Bank of Canada Keeps Rate Steady at 1.25%… But Increase is Imminent
– ratesupermarket.ca
As widely expected, the Bank of Canada decided to keep its key interest rate at 1.25 per cent. This is the second announcement in a row where interest rates have been kept steady this year, after Bank of Canada Governor Stephen Poloz kicked off 2018 with a quarter-point hike.
New forecasts from the Bank of Canada show inflation running higher than the two per cent target. This implies that the BoC may increase interest rates in the near future just to keep prices in check.
Although the global economy is tracking higher than it was when January’s forecast was made, Canada’s GDP growth was also lower than expected. That being said, the BoC is expecting a rebound in the first half of 2018.
In light of previous rate hikes made by the Bank of Canada over the past year, all of the big banks have also increased their rates. But in advance of this announcement, TD Canada Trust dropped its 5-year variable mortgage rate by 0.10 per cent to 2.85 per cent. TD continues to be the bank with the lowest 5-year variable mortgage rate out of Canada’s Big Five banks…
